State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said. Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group. The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
Import cargo volume at the nation’s major retail container ports is expected to be up nine percent in December over the same month last year, and 2010 should end with a 17 percent increase over last year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “The nation’s improving economy has been reflected in the amount of merchandise imported by retailers this year
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
U.S. ports continued to post positive tonnage numbers in November. The Seaway’s 2011 year-to-date total cargo shipments from March 22 to November 30 were 33 million metric tons, up 1.23 percent from the same period last year. “With only one of the big three commodities, coal, bettering last year’s pace by 22,000 metric tons, the year-to-date performance of other bulk commodities like petroleum products (up 80 percent), salt (up 32 percent)
Merseyside engineering firm Cammell Laird announced its largest ever intake of apprentices since it restarted its apprenticeship program in 2008. Birkenhead-based Cammell Laird has taken on 22 apprentices working across a range of skills which brings the total number within the business to 71
Maersk Supply, a subsidiary of the A. P. Moller-Maersk group, came out of the third quarter of 2013 with a profit of US$76-million, against a profit of US$ 48-million in the same quarter in 2012. Revenue rose from US$ 226-million in the period of 2012 to US$ 240 million.
Within the last year, the United States Coast Guard (USCG) has issued several port state control (PSC) detentions due to inoperative water mist systems on vessels trading to the US. In nearly every case, the water supply valve was found to be in the closed position during the PSC
Shipments of iron ore on the Great Lakes totaled 5.5 million tons in November, an increase of 7% compared to a year ago. The November ore float was also 4.1% ahead of the month’s five-year average, but trailed October by 7.7%.
The International Bunker Industry Association (IBIA) has announced that it will be working with the South African Maritime Safety Authority (SAMSA) to develop a Bunkering code of practice for the supply of fuel from offshore barges. Offshore bunkering is currently banned in South Africa
In a report just published, the International Group of Liquefied Natural Gas Importers (GIIGNL) note that in 2012, LNG trade has seen the first decline (minus 1.9%) in the past thirty years. The strong growth in spot and short term trade seen in recent years (up by 110% from 2009 to 2011) is no
Shipments of iron ore on the Great Lakes totaled 6 million tons in October, an increase of 9.6% compared to a year ago. The October ore float was also 8.8% ahead of the month’s five-year average, but trailed September by about 3%. Shipments from U.S. ports totaled 5
Bourbon released its results for the third quarter 2013 and reported signs of continued improvement in offshore vessel demand. Revenues were up 8.6% compared to third quarter 2012, and up 12.2% against first nine months 2012 partly as a result of contract renewals at improved rates.
Shipments of limestone on the Great Lakes totaled 3.6 million tons in October, an increase of 23.3% compared to a year ago. The October total was also slightly ahead of the month’s five-year average, and 4.7% above September’s total of 3,475,702 tons.
Huntington Ingalls Industries (HII), a company that designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe, reported third quarter 2013 revenues of $1.64 billion, up 2
Preparations are in full swing throughout the port of Kiel for the oncoming winter period as the 2,050 GT, 88m long and 13 m wide cargo ship Julieta arrived with a load of 3,200 tons of gritting salt from Morocco. The Julieta docked at Berth 9 in the Ostuferhafen and was unloaded there by the
Saltire Energy, supplier of drilling tools to the offshore oil and gas industry, has posted its year end to June 30, 2013 results with turnover up more than 50% from £21.5 million to £32.9 million. Operating profit for the year has also risen from £14.1 million to £18
U.S.-flag Great Lakes freighters (lakers) carried 9.8 million tons of dry-bulk cargo in October, an increase of 14.4% compared to a year ago. The total was also slightly ahead of October’s long-term average, but 1% below the 9.9 million tons the fleet moved in September.
Classification society ClassNK issued the first Statement of Compliance for a ship recycling facility in Japan to Miyaji Salvage Co. Ltd.. certifying that the facility and its recycling procedures are fully in compliance with the Hong Kong International Convention for the Safe and Environmentally
The surprising surge in cargo volumes from Asia to the East Coast of North America since July remained strong in September, and even appears to have continued in October says a Drewry Maritime Research analysis. Eastbound Shipments from Asia to the East Coast of North America (ECNA) continued